Chennai-based Aahaa Stores Pvt. Ltd, an online B2B store for office supplies, has raised $1 million (Rs 6.4 crore) in its second pre-Series A funding round led by YourNest Angel Fund, the company said.
According to a statement, the company will use the funds to strengthen its technology platform iPOS, mobilise top talent and reach out to new customers across verticals.
Gurgaon-based Yournest Fund, an early-stage investor in technology, ecommerce and consumer-centric businesses, had pumped in another $1 million in Aahaa Stores in its first pre-Series A round in March 2016.
“Aahaa Stores has won the trust of the finest enterprise customers across segments, including manufacturing, IT, banking, financial services and insurance, within a short period of time. Winning customer confidence in this competitive market opens further doors for immense growth in meeting the needs of intelligent procurement,” said Sunil K Goyal, managing director and fund manager, YourNest.
The startup was founded in 2013 by Asokan Sattanathan, the chairman, Rajaraman Sundaresan, the CEO, and Harish Kannan, who is the chief operating officer.
“With our unique solution providing capabilities in the indirect office supplies space, we are well-poised to reach Rs 100 crore run rate and attain breakeven volumes by the end of this financial year,” said Sattanathan.
The portal allows customers to buy stationery, housekeeping material, repair and maintenance products, electronics, appliances, custom-made products, imported merchandise and corporate gifts.
The company claims to have helped businesses save 20-30% of costs incurred in indirect purchases through a seamless supply chain, collective bargaining benefits and by streamlining the vendor network. Its clients include IndusInd Bank, Bosch, TCS, Wipro, Equitas, ITC, Samsung, Yes Bank, Ashok Leyland, TVS Credit, and Chola.
Homegrown online office supplies startups in India have witnessed significant venture capital interest in recent times. ProcMart, a procurement marketplace for office products, which was earlier known as Instaproc, had raised an undisclosed amount in angel funding from Indiamart founder and CEO Dinesh Agarwal.
DealBerg, which sells office supplies, had acqui-hired bulk procurement gadgets supplier WeAreGadgets.